Evergreen Wealth Management LLC Buys 7,037 Shares of Medtronic plc (NYSE:MDT)

Evergreen Wealth Management LLC grew its position in Medtronic plc (NYSE:MDT) by 36.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 26,202 shares of the medical technology company’s stock after acquiring an additional 7,037 shares during the period. Medtronic accounts for approximately 1.4% of Evergreen Wealth Management LLC’s investment portfolio, making the stock its 26th biggest position. Evergreen Wealth Management LLC’s holdings in Medtronic were worth $2,359,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MDT. Capital Research Global Investors boosted its stake in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC grew its holdings in Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD increased its position in Medtronic by 2.3% in the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after acquiring an additional 147,737 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after acquiring an additional 145,504 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

NYSE:MDT traded up $1.53 on Friday, hitting $87.53. The stock had a trading volume of 7,952,317 shares, compared to its average volume of 6,225,400. The company has a market cap of $112.25 billion, a PE ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. Medtronic plc has a 52 week low of $74.20 and a 52 week high of $92.68. The business’s fifty day moving average is $89.48 and its 200 day moving average is $84.71. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus upped their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.80.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.